Nakfa’s purchasing power devalued

Nakfa’s purchasing power devalued

Radio Erena: 24 September, 2014

Nakfa

The purchasing power of the Eritrean currency – Nakfa has been deteriorating from time to time which resulted in having the price of beef and stable food products to increase at a high rate. The price of a kilogram of beef has gone up from two hundred fifty [250] Nakfa to around three hundred twenty [320] Nakfa. The prices of bread and eggs has also been increased by two hundred per cent [200%] compared to last year’s.

 

Although the price of vegetables seems to have gone down as a result of the good harvesting season at the moment, it may, however, hike up due to the unstable market in the country.

The disparities between the people’s income and expenses, that has resulted due to lack of the execution of any economic measures to stabilize the market over the past 10 [ten] years by the government, has reached at a stage where it cannot be fixed. Median salary of a government employee, for example, is 700 Nakfa per month which is the value of two [2] kilograms of beef.

Nakfa’s purchasing power is reported to be on of lowest in Africa as a result of its inflation and market value in the world.

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